Wasps went down but stayed up. Newcastle won but will lose their place in the Premiership if the eventual winners of the Championship are deemed worthy of entry into the top flight. The Falcons face a couple of weeks of uncertainty after merely proving a point in Wycombe rather than securing the five they needed for survival.

Nothing succeeds like the fear of failure. Wasps attracted their first capacity crowd for many a season for the bottom-of-the-table showdown. It was not a shoot-out because to avoid finishing bottom Newcastle not only had to win by more than 23 points, or score at least four tries, but also deny the home side a bonus point. The improbable never looked likely as the Falcons only took the lead for the first time with four minutes to go.

Neither side made a compelling case that they were worthy of Premiership status. Wasps had a dangerous back three – with Richard Haughton creating his side's try on 38 minutes, after running the ball back from his own 22, Christian Wade, who scored his ninth try of the Premiership campaign, and Tom Varndell all exposing Newcastle with their pace – but their best chance of receiving the ball came when the Falcons had it.

Wasps would probably have won had Tom Lindsay passed to Varndell with 16 minutes remaining. Marco Wentzel, who defied a longstanding shoulder problem to lead his side's bid for survival, forced a turnover near his own 22 and, when Lindsay received the ball, he had Varndell unmarked outside him. The hooker opted to kick rather than pass, summing up a general hesitancy brewed by nerves.

Newcastle had to achieve something they had not managed all season, having failed to secure a bonus-point victory or a double-figure winning margin. They started with a sense of urgency, but in opting to run penalties rather than kick them, after Jimmy Gopperth was wide with an early kick – having slipped as he made contact with the ball – they only exposed their lack of resources with the ball in hand.

They were less able than willing, and trailed 10-0 at the interval. Wasps had won their previous two home matches in the Premiership, against London Irish and Gloucester, and a standout feature in the victories was their counter-rucking, a strength that helped them defy early Newcastle pressure. Peter Stringer is the most experienced scrum-half in the league, but seldom would he have had so much difficulty retrieving the ball from a ruck.

With Wentzel initially dominating the lineout, Wasps gradually got on top. Newcastle were not prepared to attack from their own half, but Haughton was. He had twice returned kicks by kinking away from chasers without Wasps making capital, but on the third occasion he found Nicky Robinson in support. The outside-half, who had just kicked a penalty to open the scoring, passed with alacrity to Wade, outside him, and the wing – one of a crop of young players who offer optimism for the future – outstripped the defence as he ran on an arc to the right-hand corner.

Wasps were stronger at the breakdown through their young back row, led by the No8, Billy Vunipola, but fatigue set in as the match wore on and the home side conceded a rash of penalties, one of which left them with 14 men for 10 minutes after the prop, Ben Broster, received a yellow card for killing the ball under his own posts.

Newcastle opted for a scrum, forcing Wasps to take off Vunipola and replace him with a prop. The Falcons improved at the breakdown and when the centre, James Fitzpatrick, scored from a quickly taken penalty, they had 27 minutes to fashion three more tries, and eight more minutes with a man advantage.

There was considerable huffing, but there was little to concern Wasps in defence. The second row, Tim Swinson, did force his way over the line only for the replacement scrum-half, Nic Berry, to prevent him grounding the ball, but by then Newcastle knew they were fighting a lost cause. A few rucks later, Stringer reached out for the line, but the score was too late to fill Wasps or their supporters with anxiety.

The final whistle was received with relief rather than jubilation. By finishing one point above Newcastle, despite being doubled by the Falcons, Wasps ensured that a takeover of the club will go ahead by the end of this month, when a number of bills amounting to more than £2m will be presented. Without the buyout, which is fronted by the club's former flanker, Ken Moss, Wasps would have gone into administration, punished by the loss of league points that could have been applied to this season, pushing them to the bottom of the table. Moss was present to see survival assured.

"I am confident this deal will be concluded by the end of the month," said the Wasps' chairman, Mark Rigby, after the match. "Terms have been agreed, solicitors have been instructed and we have entered a period of exclusivity. We are not prepared to identify the consortium because we are bound by a non-disclosure brief, and while it is a hollow feeling to secure our Premiership status with a defeat, it means we will have top-flight rugby in Wycombe next season."

Newcastle now have to hope Bristol fail to win the Championship. "We won the battle but lost the war," said the Falcons' director of rugby, Gary Gold, who was hired in January to prevent relegation, a few weeks too late as it turned out. "Whatever happens, we have improved significantly and I have handed over the club in a better state. I would be ecstatic if we stayed up."

Gold will be named Bath's new director of rugby on Wednesday, but while he is going away, it remains to be decided whether the Falcons will be staying put.